April 24, 2013
Washington, DCó Building on the Obama Administrationís commitment to increase
economic opportunity in distressed areas of the United States, the U.S. Department
of the Treasuryís Community Development Financial Institutions Fund (CDFI Fund)
today announced $3.5 billion in New Markets Tax Credit (NMTC) awards nationwide.
Treasury will provide 85 organizations with tax credit allocation authority under
the tenth award round of the NMTC Program.
"Over 70 percent of New Markets Tax Credit investments have been made in communities
that meet the highest distress criteria, above even the program's requirements,Ē
said Director Gambrell. "That result effectively demonstrates how essential the
New Markets Tax Credit Program is to spurring economic development in underserved
View Director Gambrellís full
2012 NMTC Program Award Resources
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded over $1.7 billion to CDFIs,
community development organizations, and financial institutions through the CDFI
Program, the Bank Enterprise Awards Program, the Capital Magnet Fund, the Financial
Education and Counseling Pilot Program, and the Native American CDFI Assistance
Program. In addition, the CDFI Fund has allocated $36.5 billion in tax credit authority
to Community Development Entities through the New Markets Tax Credit Program. View the CDFI Fund's brochure.
About the New Markets Tax Credit Program
The NMTC Program permits taxpayers to receive a credit against federal income taxes
for making qualified equity investments in investment vehicles known as Community
Development Entities (CDEs). These CDEs offer the credits to taxable investors in
exchange for stock or a capital interest in the CDE. Substantially all of the qualified
equity investment must in turn be used by the CDE to provide investments in low-income
communities - investments that will help finance community development projects,
stimulate economic growth and create jobs. View the NMTC Program fact sheet.
For More Information
To learn more about the CDFI Fund and its programs, please visit www.cdfifund.gov.